Keep Your Will up to date and Relevant (#1)
Trustee company executor (keep your Will up to date and relevant) And: how an experienced solicitor can save you over $20K
Updating a Will
Had a call again from internet enquiry from a beneficiary and her husband. The lady's mother had died. The Will had not been updated for some 20 or more years. The husband and wife had done 'mirror Wills'. Husband died first. My client's mother then died. They had appointed each other as executors with their solicitor as first alternate and then a commercial trustee as 2nd alternate. Turns out the solicitor had retired and renounced. Leaving the expensive Trustee company as executor. They charge a capital commission and the estate was worth over $1.7 mill. Their fees were quoted at $80K. Had the deceased updated her Will and appointed another person (such as her daughter) as Executor, this amount would not have been payable at all.
We made a representation to the Trustee company to reduce their fees and they agreed to do so (not to as low as the client wanted) by $30K. This provided a saving to our client after allowing for our approximate costs and disbursements of $8K of $22K.
Keep your Will up to date - Wills Solicitors NSW
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